© mariusz szachowski dreamstime.com Electronics Production | March 03, 2015
Capvis acquires the operations of RENA
Supplier of production equipment for wet chemical surface treatment, RENA, is being acquired by Swiss-based private equity firm Capvis.
In connection with the incorporation of RENA Technologies GmbH, Capvis has acquired the operating business of RENA GmbH from self administration effective as from March 1, 2015. Due to the insolvency of RENA’s former subsidiary SH&E, a company specialized in water supply and water treatment, and the generally challenging market environment in the solar business, RENA encountered serious financial difficulties in spring 2014. As a consequence, the insolvent equipment manufacturer located in Germany’s Black Forest area embarked under self-administered receivership on a dual-track investor process. On one hand, bond holders presented a detailed insolvency plan. On the other hand, the company continued to be active on the global market and launched an international bidding process to lead the operationally uninterrupted, restructured the core business of RENA rapidly towards a sounder future. Andreas Simon, Partner at Capvis, commented: “As a technologically leading wet chemical surface treatment specialist, RENA masters critical key processes and is excellently positioned in its industry and market. The over-capacities in the solar industry – a business which continued to grow globally even throughout the crisis – are now largely removed. In addition, based on its innovative and promising solutions for the dental and medical markets and its global presence, RENA is ready for a next growth phase with Capvis firmly by its side as strategic investor.” The acquisition comprises all operationally relevant assets and the existing order backlog. It safeguards the jobs of RENA employees in Germany as well as at its transferred subsidiaries, globally.